Friday, July 23 2010 14:43
Armenian Central Bank informs of 7,7% reduction of economy dollarization level in 2Q
ArmInfo. The level of dollarization of Armenia's economy in the 2nd quarter, 2010, reduced by 7,7%, press service of Armenian Central Bank told ArmInfo today. According to CB data, volume of dram deposits on accounts of the country's commercial banks in 2Q grew by 3,4% under 4,3% reduction of deposits in foreign currency, less regard to the influence of exchange rate fluctuations.
Despite these indicators, volumes of crediting in foreign currency considerably exceeded the volumes of dram crediting. Thus, volumes of dram crediting during the second quarter underwent no changes, while crediting in foreign currency grew by 3,7%, less regard to exchange rate fluctuation by 13% on average.
According to the source, the rate of interbank REPO over 2Q reduced by 1,43% point to 7,41%. Moreover, it demonstrated a growth trend in early 2Q and reached 11,05% by late April, after which the trend slid down. The rate of return of government bonds in the primary market has been increasing started early 2Q and reached 13,96% by May against 9,15% in April. The rate of return of government bonds by late 2Q reduced to 9,59%.
According to the data of Armenian National Statistical Service, the volume of deposits, attracted by commercial banks of Armenia, reached 639.8 bln drams ($1.687 bln) by June 1, 2010. In their structure, 25,8% or 164.9 bln drams ($435 mln) fell on dram deposits, and 74,2% or $1.2 bln (474.8 bln drams) - on currency ones. The volume of credit investments of commercial banks by June 1, 2010, made up 789.8 bln drams or $2.083 bln, and less regard to the prolonged and overdue credits - 752.7 bln drams or $1.985 bln. In the total credit portfolio of commercial banks (less regard to the prolonged and overdue credits), 47% or 354.2 bln drams fell on dram credits, and 53% or 398.6 bln drams - on currency credits.
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